基于DEA理论的企业效率评价及其影响因素研究
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摘要
效率问题是经济学研究的核心问题之一,也是企业生产经营管理的目标之一。改革开放之后,我国以现代企业制度的建立和市场化导向为主要特征的渐进式的经济体制改革取得的举世瞩目的成就。而处于这样改革核心地位的企业及其效率问题,已然成为目前研究热点。
本文系统分析了企业效率的概念和测量方法,利用效率评价的数据包络分析(DEA)方法,以我国家电行业上市公司公开的财务数据为依据,详细的分析了家电行业上市公司的技术效率、纯技术效率和规模效率,并且利用了测量企业效率动态变化的Malmquist指数,分析了家电行业上市公司近年来的技术进步、技术效率等指标的变化。文章的实证部分,通过了股权结构和市场结构对企业效率的理论分析,测量了这两者对企业效率不同的影响程度。最后文章提出家电行业上市公司企业效率提高的途径和本文的研究的不足之处。
研究的结论表明我国家电行业上市公司1999年-2006年的技术效率在8年间稳定上升,主要得益于纯技术效率的提升。而且非国有控股型的企业的效率高于国有控股型的企业,而在国有控股型的企业中,由企业控股型的企业效率高于部门控股型的企业。东部地区的家电行业上市公司的效率要高于中西部的地区的公司的效率。对Malmquist指数的分析,发现各家企业的效率增长整体趋势不明显,年平均增长率仅仅为0.2%。对于分地区的研究,发现中西部地区的家电行业上市公司的效率增长要高于家电行业的传统地区的东部地区。
文章的实证研究发现:控股股东性质与企业效率之间都呈显著负向关系;控股股东的持股比例与企业效率呈显著正向关系。通过市场结构的研究,发现行业的竞争对企业的效率的提高有着积极的作用。而一个地区的市场化的发展水平也影响了企业的效率。同时通过使用的净资产收益率的效率影响分析,得到了财务指标的评价效果没有DEA效率评价方法优越。
本文的创新之处在于本文运用多投入多产出的DEA模型,不仅仅分析了样本技术效率、规模效率等,同时使用反映企业效率动态变化的Malmquist指数,对家电行业上市公司各年间的效率进行了比较研究,在一定程度上弥补了前人研究的不足。另外,本文把企业效率影响因素问题放在产权和市场这个一个二维空间中进行考察,研究这两者对企业效率的不同的影响,取得了理想的结果。
Efficiency is one of the key issues in economic research, but also one of production and operation management objectives. After reform and opening up, with the establishment of modern enterprise system and market-oriented as the main features, China's progressive economic reforms have made remarkable achievements. In addition, enterprise and enterprise efficiency, which are at the core of this reform, have become the current research focus.
In this thesis, the author has systematically analysis the concept of enterprise efficiency and measurement methods, and also used Data Envelopment Analysis (DEA), based on the financial data of China's household electrical appliance industry publicly listed companies, detailed analysis technical efficiency, pure technical efficiency and scale efficiency of the household electrical appliance industry listed companies. Moreover, the author used Malmquist index, which is the measurement of dynamic changes of corporate efficiency, measured technological changes, technical efficiency indicators changes in recent years.
The empirical part of the article, based on the theory of enterprise efficiency with the shareholders structure and market structure measured, measured different impact of the two factors. Finally, this paper forwarded improving ways in enterprise efficiency for household electrical appliance industry, and the study deficiencies.
The study concluded the technical efficiency of China's household electrical appliance industry listed companies in 1999 -2006 has steadily increased mainly due to a purely technical efficiency improved. In addition, non-state-owned holding enterprises are more efficient than state-controlled-oriented enterprises; the enterprises controlled by the enterprises are also more efficient than sector holding enterprises. Malmquist index showed there were not obvious overall trend growth in China's household electrical appliance industry listed companies in 1999 -2006, and he annual average growed only 0.2%.The sub-regional study found that the central and western regions home electrical appliance industries listed companies are more efficient than the traditional industries in the eastern region.
This innovation of this working paper is that the using DEA, the multi-input multi-output efficiency measurement model, not only analyzed the technical efficiency, scale efficiency, and so on of the samples, while using the Malmquist index reflecting dynamic changes of listed companies on the home electrical appliance industries each year, to a certain extent, making up for the shortcomings of the previous studies. In addition, this paper putting ownership structure and market structure in a two-dimensional space studied the two factors affecting enterprise efficiency differently and achieved the satisfied results.
本文系统分析了企业效率的概念和测量方法,利用效率评价的数据包络分析(DEA)方法,以我国家电行业上市公司公开的财务数据为依据,详细的分析了家电行业上市公司的技术效率、纯技术效率和规模效率,并且利用了测量企业效率动态变化的Malmquist指数,分析了家电行业上市公司近年来的技术进步、技术效率等指标的变化。文章的实证部分,通过了股权结构和市场结构对企业效率的理论分析,测量了这两者对企业效率不同的影响程度。最后文章提出家电行业上市公司企业效率提高的途径和本文的研究的不足之处。
研究的结论表明我国家电行业上市公司1999年-2006年的技术效率在8年间稳定上升,主要得益于纯技术效率的提升。而且非国有控股型的企业的效率高于国有控股型的企业,而在国有控股型的企业中,由企业控股型的企业效率高于部门控股型的企业。东部地区的家电行业上市公司的效率要高于中西部的地区的公司的效率。对Malmquist指数的分析,发现各家企业的效率增长整体趋势不明显,年平均增长率仅仅为0.2%。对于分地区的研究,发现中西部地区的家电行业上市公司的效率增长要高于家电行业的传统地区的东部地区。
文章的实证研究发现:控股股东性质与企业效率之间都呈显著负向关系;控股股东的持股比例与企业效率呈显著正向关系。通过市场结构的研究,发现行业的竞争对企业的效率的提高有着积极的作用。而一个地区的市场化的发展水平也影响了企业的效率。同时通过使用的净资产收益率的效率影响分析,得到了财务指标的评价效果没有DEA效率评价方法优越。
本文的创新之处在于本文运用多投入多产出的DEA模型,不仅仅分析了样本技术效率、规模效率等,同时使用反映企业效率动态变化的Malmquist指数,对家电行业上市公司各年间的效率进行了比较研究,在一定程度上弥补了前人研究的不足。另外,本文把企业效率影响因素问题放在产权和市场这个一个二维空间中进行考察,研究这两者对企业效率的不同的影响,取得了理想的结果。
Efficiency is one of the key issues in economic research, but also one of production and operation management objectives. After reform and opening up, with the establishment of modern enterprise system and market-oriented as the main features, China's progressive economic reforms have made remarkable achievements. In addition, enterprise and enterprise efficiency, which are at the core of this reform, have become the current research focus.
In this thesis, the author has systematically analysis the concept of enterprise efficiency and measurement methods, and also used Data Envelopment Analysis (DEA), based on the financial data of China's household electrical appliance industry publicly listed companies, detailed analysis technical efficiency, pure technical efficiency and scale efficiency of the household electrical appliance industry listed companies. Moreover, the author used Malmquist index, which is the measurement of dynamic changes of corporate efficiency, measured technological changes, technical efficiency indicators changes in recent years.
The empirical part of the article, based on the theory of enterprise efficiency with the shareholders structure and market structure measured, measured different impact of the two factors. Finally, this paper forwarded improving ways in enterprise efficiency for household electrical appliance industry, and the study deficiencies.
The study concluded the technical efficiency of China's household electrical appliance industry listed companies in 1999 -2006 has steadily increased mainly due to a purely technical efficiency improved. In addition, non-state-owned holding enterprises are more efficient than state-controlled-oriented enterprises; the enterprises controlled by the enterprises are also more efficient than sector holding enterprises. Malmquist index showed there were not obvious overall trend growth in China's household electrical appliance industry listed companies in 1999 -2006, and he annual average growed only 0.2%.The sub-regional study found that the central and western regions home electrical appliance industries listed companies are more efficient than the traditional industries in the eastern region.
This innovation of this working paper is that the using DEA, the multi-input multi-output efficiency measurement model, not only analyzed the technical efficiency, scale efficiency, and so on of the samples, while using the Malmquist index reflecting dynamic changes of listed companies on the home electrical appliance industries each year, to a certain extent, making up for the shortcomings of the previous studies. In addition, this paper putting ownership structure and market structure in a two-dimensional space studied the two factors affecting enterprise efficiency differently and achieved the satisfied results.
引文
[1]萨缪尔逊,诺德豪斯.经济学(第12版)[M].北京:中国发展出版社,1992.
[2]瑞士洛桑国际管理发展学院.2007年度世界竞争力报告[R].http://www.imd.ch/,2007.8
[3]Farrell M.J.The Measurement of Productive Efficiency.Journal of the Royal Statistical Society.1957.4
[4]Charnes A.,Cooper W.W.and Rhodes E.Measuring the Efficiency of Decision Making Units,European Journal of Optional.1978.2
[5]Banker R.D.,Chames A.,Cooper W.W.Some Models of Estimating Technical and Scale Inefficiency in Date Envelopment Analysis.Management Science.1984.3
[6]A.Chames,W.W.Cooper,B.Golany,L.Seitord,J.Stutz.Foundation of Data Envelopment Analysis for Pareto-koopmans efficient Empirical Production Functions.Journal of Economics.1985.10
[7]Sengupta.Data Envelopment Analysis for efficiency Measurement in the Stochastic Case.Computers and Operations research.1987.8
[8]Brockett PL,Cooper WW,Shin HC,Wang Y.Inefficiency and Congestion in Chinese Production before and after the 1978 Economic Reforms.Socio Econ Planning Science.1998.11
[9]魏权龄.评价相对有效性的DEA方法[M].北京:中国人民大学出版社,1987.
[10]Kalirejian K.P,Cao.Y.Chinese State Enterprises Perform Like Market Entities:Productivity Efficiency in Chinese Iron and Steel Industry.Paper presented at Conference China's Reforms and economic Growth.Australian National University.Canberra.1991
[11]Groves,T.Y.Hong,B.Naughton.Autonomy and Incentives in Chinese State Enterprises.1992.
[12]Wu Yanrui.Productive Efficiency in Chinese Industry.Asian Pacific Literature.1995 Vol.7 No.2
[13]原鹏飞,何枫.中国制造业生产效率变迁实证研究[J].软科学,2005(6).
[14]彭琦,邹康,赵子铱.1993年-2003年中国银行业效率的实证分析[J].经济评论,2005(4).
[15]姚树杰、冯根福和韩钟伟.中国保险业效率的实证分析[J].经济研究,2005(7)
[16]陈路.中国保险业效率动态变化的Malmquist指数分析[J].当代经济科学,2005(9)
[17]白雪洁,戴小辉.基于DEA模型的中国主要轿车企业生产效率分析[J].财经研究,2006(10)
[18]庞瑞芝.我国主要沿海港口的动态效率评价[J].经济研究,2006(6)
[19]刘小玄.中国工业企业的所有制对效率差异的影响[J].经济研究,2000(2)
[20]孔祥,Rorber.E.Marks,万光华.国有企业全要素生产力变化及其决定因素[J].经济研究,1999(7)
[21]Donald A Hay,Derek J Morris.Industrial Economics and Organization.Oxford University Press.1991
[22]Bain J.S.Relation of Profit Rate to Industry Concentration.Quarterly Economics,1951.5
[23]Collins&Preston.Concentration and price -cost Margins in Manufaturing.University of California Press.1968
[24]Bain J.S.Barriers to New Competition,Oxford University Press.1956
[25]Comanor&Wilson.Advertising,Market Structure and performance.Review of Economics and Statistics.1967
[26]Stephen Martin,David Parker.The Impact of Privatization:Owership and Corporate Performance in UK.Routledge London.1997
[27]George Yarrow.Privatization:An Economic Analysis,MIT Press.1988
[28]涂正革、肖耿.中国工业生产力革命的制度及市场基础[J].经济评论,2005(4)
[29]刘小玄.中国转轨经济中的产权结构和市场结构[J].经济研究,2003(10)
[30]李红玲.企业效率:理论研究及经验证据[D].南京:南京农业大学金融系,2004.
[31]托马斯·G·罗斯基.经济效率与经济效益[J].经济研究,1998(3)
[32]余剑.我国企业效率及相关因素分析[D].西安:陕西师范大学政治经济学系,2005.
[33]Szilagyi,A.D.Management and Performance.Scott Foresman and Co.1981
[34]Angner,D.j.and S.F.Chu.On estimating the insustry production function.American Economic Review.1968 No.4,Sept
[35]Angner,D.J.,C.A.K.Lovell,Peter Schmidt.Formulation and estimation of stochastic frontier production models.Journal of Econometrics.1977 No.1,July
[36]Berg S.A.Efficiency in the Nordic Countries.Journal of Banking and Finance.1993
[37]张俊容.DEA若干理论及其应用的研究[D].成都:西南交通大学管理科学与工程系,2003.
[38]倪海江,万迪昉.中国商业银行曼奎斯特生产率指数分析[J].上海金融.2006(1)
[39]Malmquist S.Index Numbers and Indifference Surfaces.Trabajos De Estatistica.1953
[40]Tobin J.Estimation of Relationship for limited Dependent Variables.Economitrica.1958
[41]李思平.中国上市公司股权结构与经营绩效相关性的实证研究[D].广州:暨南大学国民经济学系,2003
[42]肖大鹏.现代企业产权结构及绩效研究[D].长沙:湖南大学政治经济学系,2003
[43]林毅夫,蔡昉,李周.国有企业改革的核心是创造竞争的环境[J].改革,1995(3)
[44]易纲,赵先信.中国银行业竞争:机构扩张、工具创新与产权改革[J].经济研究,2001(8)
[45]刘小玄著.中国转轨过程中的产权和市场[M].上海:上海三联书店,上海人民出版社,2003.
[46]樊纲和王小鲁著.中国市场化指数-各地区市场化相对进程2006年年度报告[M].北京:经济科学出版社,2007.
[47]孙兆斌.股权集中、股权制衡与上市公司的技术效率[J].管理世界,2006(7)
[48]刘家顺,杨洁,孙玉娟编著.产业经济学[M].北京:中国社会科学出版社,2006.
[49]王继平.转轨经济中的企业所有权与竞争[J].天津商学院学报,2006(1)
[2]瑞士洛桑国际管理发展学院.2007年度世界竞争力报告[R].http://www.imd.ch/,2007.8
[3]Farrell M.J.The Measurement of Productive Efficiency.Journal of the Royal Statistical Society.1957.4
[4]Charnes A.,Cooper W.W.and Rhodes E.Measuring the Efficiency of Decision Making Units,European Journal of Optional.1978.2
[5]Banker R.D.,Chames A.,Cooper W.W.Some Models of Estimating Technical and Scale Inefficiency in Date Envelopment Analysis.Management Science.1984.3
[6]A.Chames,W.W.Cooper,B.Golany,L.Seitord,J.Stutz.Foundation of Data Envelopment Analysis for Pareto-koopmans efficient Empirical Production Functions.Journal of Economics.1985.10
[7]Sengupta.Data Envelopment Analysis for efficiency Measurement in the Stochastic Case.Computers and Operations research.1987.8
[8]Brockett PL,Cooper WW,Shin HC,Wang Y.Inefficiency and Congestion in Chinese Production before and after the 1978 Economic Reforms.Socio Econ Planning Science.1998.11
[9]魏权龄.评价相对有效性的DEA方法[M].北京:中国人民大学出版社,1987.
[10]Kalirejian K.P,Cao.Y.Chinese State Enterprises Perform Like Market Entities:Productivity Efficiency in Chinese Iron and Steel Industry.Paper presented at Conference China's Reforms and economic Growth.Australian National University.Canberra.1991
[11]Groves,T.Y.Hong,B.Naughton.Autonomy and Incentives in Chinese State Enterprises.1992.
[12]Wu Yanrui.Productive Efficiency in Chinese Industry.Asian Pacific Literature.1995 Vol.7 No.2
[13]原鹏飞,何枫.中国制造业生产效率变迁实证研究[J].软科学,2005(6).
[14]彭琦,邹康,赵子铱.1993年-2003年中国银行业效率的实证分析[J].经济评论,2005(4).
[15]姚树杰、冯根福和韩钟伟.中国保险业效率的实证分析[J].经济研究,2005(7)
[16]陈路.中国保险业效率动态变化的Malmquist指数分析[J].当代经济科学,2005(9)
[17]白雪洁,戴小辉.基于DEA模型的中国主要轿车企业生产效率分析[J].财经研究,2006(10)
[18]庞瑞芝.我国主要沿海港口的动态效率评价[J].经济研究,2006(6)
[19]刘小玄.中国工业企业的所有制对效率差异的影响[J].经济研究,2000(2)
[20]孔祥,Rorber.E.Marks,万光华.国有企业全要素生产力变化及其决定因素[J].经济研究,1999(7)
[21]Donald A Hay,Derek J Morris.Industrial Economics and Organization.Oxford University Press.1991
[22]Bain J.S.Relation of Profit Rate to Industry Concentration.Quarterly Economics,1951.5
[23]Collins&Preston.Concentration and price -cost Margins in Manufaturing.University of California Press.1968
[24]Bain J.S.Barriers to New Competition,Oxford University Press.1956
[25]Comanor&Wilson.Advertising,Market Structure and performance.Review of Economics and Statistics.1967
[26]Stephen Martin,David Parker.The Impact of Privatization:Owership and Corporate Performance in UK.Routledge London.1997
[27]George Yarrow.Privatization:An Economic Analysis,MIT Press.1988
[28]涂正革、肖耿.中国工业生产力革命的制度及市场基础[J].经济评论,2005(4)
[29]刘小玄.中国转轨经济中的产权结构和市场结构[J].经济研究,2003(10)
[30]李红玲.企业效率:理论研究及经验证据[D].南京:南京农业大学金融系,2004.
[31]托马斯·G·罗斯基.经济效率与经济效益[J].经济研究,1998(3)
[32]余剑.我国企业效率及相关因素分析[D].西安:陕西师范大学政治经济学系,2005.
[33]Szilagyi,A.D.Management and Performance.Scott Foresman and Co.1981
[34]Angner,D.j.and S.F.Chu.On estimating the insustry production function.American Economic Review.1968 No.4,Sept
[35]Angner,D.J.,C.A.K.Lovell,Peter Schmidt.Formulation and estimation of stochastic frontier production models.Journal of Econometrics.1977 No.1,July
[36]Berg S.A.Efficiency in the Nordic Countries.Journal of Banking and Finance.1993
[37]张俊容.DEA若干理论及其应用的研究[D].成都:西南交通大学管理科学与工程系,2003.
[38]倪海江,万迪昉.中国商业银行曼奎斯特生产率指数分析[J].上海金融.2006(1)
[39]Malmquist S.Index Numbers and Indifference Surfaces.Trabajos De Estatistica.1953
[40]Tobin J.Estimation of Relationship for limited Dependent Variables.Economitrica.1958
[41]李思平.中国上市公司股权结构与经营绩效相关性的实证研究[D].广州:暨南大学国民经济学系,2003
[42]肖大鹏.现代企业产权结构及绩效研究[D].长沙:湖南大学政治经济学系,2003
[43]林毅夫,蔡昉,李周.国有企业改革的核心是创造竞争的环境[J].改革,1995(3)
[44]易纲,赵先信.中国银行业竞争:机构扩张、工具创新与产权改革[J].经济研究,2001(8)
[45]刘小玄著.中国转轨过程中的产权和市场[M].上海:上海三联书店,上海人民出版社,2003.
[46]樊纲和王小鲁著.中国市场化指数-各地区市场化相对进程2006年年度报告[M].北京:经济科学出版社,2007.
[47]孙兆斌.股权集中、股权制衡与上市公司的技术效率[J].管理世界,2006(7)
[48]刘家顺,杨洁,孙玉娟编著.产业经济学[M].北京:中国社会科学出版社,2006.
[49]王继平.转轨经济中的企业所有权与竞争[J].天津商学院学报,2006(1)